How To Get Paid Early With Direct Deposit
If you have a part-time or full-time job, chances are your employer offers direct deposit. This is when they deposit the funds from your paycheck directly into your connected bank account.
With direct deposit, it’s possible to get paid earlier than if you were to get a paper check. Here’s how it works, and some other ways you can get paid earlier.
You Can Access Your Funds Sooner Because It’s Electronic
Direct deposit is a type of electronic funds transfer (EFT). With it, your employer deposits your earned wages for that period directly into your account — usually you checking account.
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When you get paid via physical check, you’ll generally need to pick it up in person and take it to your bank or credit union. You may also be able to deposit it into an ATM or via mobile deposit if you have your bank’s app.
If you get a paper check, you might have to wait longer for the funds to clear than with direct deposit. If you try to cash yours on a weekend, holiday, or after the bank has closed for the day, this could delay when you can access your funds. Or you might only be able to access a portion of your funds until the check has fully cleared.
Since direct deposit is electronic, it tends to be much faster.
“While the exact timing varies, direct deposit is generally one or two days earlier than a traditional paycheck,” said Erika Kullberg, a personal finance expert, attorney, and founder of Erika.com.
Early Direct Deposit Can Be Even Faster
As a general rule, setting up direct deposit will get you paid earlier by default. Depending on your financial institution, you might be able to speed up the process even more, though.
“Some banks offer early direct deposit features, which allow you to access your paycheck a day or two before the scheduled payday,” Kullberg explained. “This works by your bank processing the payment as soon as the employer’s payroll files are received, essentially taking a trust-based approach with your employer that they actually have those funds to send.”
Early direct deposit isn’t available through all banks or for all account types. But if you have a standard checking account, it might be an option.
It’s worth noting that you’ll only get paid early if your employer submits the proper payment information early. Depending on when they do this, you might not receive your funds until your actual payday.
Setting Up Direct Deposit
If you want to set up direct deposit, ask your employer for a direct deposit form. This can be either physical or digital. If they don’t have one, your bank or credit union should.
Fill out the form with the required information. This generally includes the name on your account, your account number, bank routing number, bank mailing address and account type.
When filling out the form, you can generally decide between depositing the full amount into your checking account or splitting it across two or more accounts. Allocating a percentage of every paycheck into savings, for example, can make it easier to save consistently each month.
Once the form’s filled out, submit it to your bank. You may also need to include a deposit slip or voided check. Your bank will then process it and you’ll be good to go.
As for early direct deposit, ask your bank if this is a feature they offer. Some institutions will automatically enroll your account if it is.
Other Ways To Get Paid Early
If direct deposit and early direct deposit aren’t quite fast enough, there are a few other ways to access your funds sooner.
“It can be possible to get paid even sooner by using third-party services, budgeting apps, etc.,” Kullberg said. “This is usually called early wage access. For a fee, these apps let you access a portion of your paycheck before payday, and they’re basically designed to help you stay on top of basic expenses while waiting for your pay to arrive.”
This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.
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